Novo-Nordisk A/S (NVO) — Stock Correlations & Overview
Over the past year, NVO has moved most closely with NVOX, NVOH, EDEN. Explore the stocks most correlated and inversely correlated with NVO below, along with its price, financials, and company profile.
Stocks correlated with NVO
Correlation of daily returns. Higher positive values move with NVO; negative values move opposite it. Informational only, not investment advice.
Most correlated with NVO
| Symbol | Company | Correlation |
|---|---|---|
| NVOX | Defiance Daily Target 2x Long NVO ETF | 1.00 |
| NVOH | Novo Nordisk A/S (B Shares) ADRhedged | 0.97 |
| EDEN | iShares MSCI Denmark ETF | 0.77 |
| OZEM | Roundhill GLP-1 & Weight Loss ETF | 0.62 |
| THNR | Amplify Weight Loss Drug & Treatment ETF | 0.57 |
Most inversely correlated with NVO
| Symbol | Company | Correlation |
|---|---|---|
| FIAT | YieldMax Short COIN Option Income Strategy ETF | -0.37 |
| SKF | ProShares UltraShort Financials | -0.36 |
| SARK | Investment Managers Series Trust II Tradr 1X Short Innovation Daily ETF | -0.36 |
| FAZ | Direxion Daily Financial Bear 3x ETF | -0.35 |
| SEF | ProShares Short Financials | -0.35 |
Frequently asked questions about NVO correlations
- Which stocks are most correlated with NVO?
- Based on one year of daily returns, the stocks most correlated with Novo-Nordisk A/S (NVO) are NVOX (1.00), NVOH (0.97) and EDEN (0.77). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with NVO?
- Over the past year, the stocks most inversely correlated with Novo-Nordisk A/S (NVO) are FIAT (-0.37), SKF (-0.36) and SARK (-0.36). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these NVO correlations calculated?
- We compute the correlation of daily returns between NVO and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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